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M
Manish Krishnan
I just quit my job after working for 4.5 years. I plan to move abroad and settle there for a few years at least. Can I withdraw my epf funds now, and if so, what are the tax implications? Would there be lesser tax implications at a later point - if so, when?
Withdrawal amount is taxable as your service period is less than 5 years. Impact will not change even if amount is withdrawn after few days.
CA Harsh Rathi 27 Dec 2018You may consult us on: 07922160685/harshrathiandco@gmail.com
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Kantharaju
If I buy half a site in 2006 (in partnership) and then takeover the same site completely in 2011 by paying the rest half and then construct house on it in 2012 and sell the house in 2019, which year should I consider as year of purchase for computing the long term capital gain tax.
Cost of purchase would be actual date of acquisition for first purchase and takeover respectively. Construction expenses should be claimed as cost of improvement. Indexation benefit would be applicable as the income taxable as long term capital gain.
Kantharaju 22 Dec 2018Thanks for your response Mr.Shivananda sir. If I understand it right the date of purchase I should then be taking for computation of tax would be 2006 and cost is initial purchase + takeover cost. The cost of construction should be considered as cost of improvement.
CA Shivananda Kumar Akirala 22 Dec 2018Date for purchase for the first half would be 2006 and second half taken it is 2011 and cost of improvement would be 2012.
Kantharaju 22 Dec 2018Thanks you sir.
CA Harsh Rathi 27 Dec 2018You may consult us on: 07922160685/harshrathiandco@gmail.com
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